Corrected: India's Brigade Enterprises quarterly profit rises on strong residential demand
CORRECTED-India's Brigade Enterprises quarterly profit rises on strong residential demand Corrects bullet 3 to say real estate EBITDA rose to 1.75 billion rupees, not 17.5 billion rupees
Oct 29 (Reuters) - Indian real estate developer Brigade Enterprises BRIG.NS reported a quarterly profit rise on Thursday, helped by strong residential demand, particularly in the mid- and premium segments.
Here are some details:
Consolidated net profit rose to 1.94 billion rupees ($20.4 million) in the quarter ended September 30, from 1.63 billion rupees a year ago
Revenue fell nearly 14% to 11.96 billion rupees
Real estate EBITDA rose 59% year-on-year to 1.75 billion rupees.
Customers are increasingly prioritising quality, location, larger homes and better amenities, the company said, adding that the festive season has strengthened customer engagement across its residential and retail businesses
A higher number of projects is expected to boost sales, while debt levels are expected to remain manageable due to strong cash collections, Antique Stock Broking said in a September note
Peer Godrej Properties' GODR.NS profit fell 62% due to higher raw material costs, while Prestige Estates' PREG.NS pre-sales growth was supported by strong demand across projects
($1 = 95.3025 Indian rupees)
(Reporting by Anushka Rajvedi in Bengaluru; Editing by Mrigank Dhaniwala)
((mailto: anushka.rajvedi@thomsonreuters.com))
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